Fifth Third Center up for sale

Fifth Third Center is up for sale, marking this year’s biggest listing of a high-profile downtown office address in what is expected to be a softer office investment sales market after last year’s record activity.

“It’s a fantastic physical asset,” said broker Michael J. McDonald of Eastdil Secured in Atlanta. “It’s iconic. There’s a ton of leasing going on in Nashville and at this building.”

By one estimate, the building could fetch $85 million to $90 million. It has 146 parking spaces plus access to an additional 300 spaces.

The listing comes seven years after Denver-based owner Amstar bought Fifth Third Center for $62 million and invested $6 million into upgrades. Locally in Cool Springs, Amstar owns Southside at McEwen, 45 acres, and Dwell apartments.

Among other potential local office sales, Albany Road Real Estate Partners of Boston has the 4th and Church Building under contract. Tower at Renaissance and Parkway Towers are also up for sale.

Through the first two months of this year, less than $20 million worth of office deals occurred versus $76 million last year, according to Real Capital Analytics. Brokers forecast more smaller, opportunistic deals this year.